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President and CEO Jeffrey Hirsch affirmed that there is immense and persistent audience demand for 'Spartacus,' confirmed by market research and social media engagement. He noted the new series will feature an African American female gladiator to broaden its appeal to core demos. Regarding Lionsgate, Hirsch described the relationship as 'great' and productive, citing a smooth, arm's-length collaboration on new projects like the 'Power' prequel 'Origins.'

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President & CEO Jeffrey Hirsch and President of Domestic Networks Alison Hoffman detailed their dynamic marketing approach, which involves constant A/B testing across various platforms and has reduced subscriber acquisition costs by nearly 50%. Regarding AI, Hirsch stated STARZ is a 'fast follower' on the content side but is more focused on leveraging AI for data analysis to improve customer acquisition, retention, and content scheduling.

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Group CEO Kaan Terzioğlu stated that while value crystallization is an opportunity, the immediate focus is on growing digital revenues to over 20% of the total. He described VEON's AI strategy as creating an 'AI generation telco' that uses localized LLMs to provide augmented skills and services, moving beyond connectivity to enhance customers' lives.

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Group CEO Kaan Terzioğlu acknowledged the value crystallization opportunity but stated the timing is not yet right, preferring to wait until digital revenues exceed 20% of the total. On AI, he described a strategy of providing 'augmented skill sets' to customers through local language models and agentic AI tools, moving beyond selling data to enhancing users' capabilities.

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CEO Kaan Terzioğlu acknowledged the valuation disconnect and suggested that once digital services surpass 20% of total revenue, the company may explore structures to crystallize their value. Regarding AI, he described it as "augmented intelligence" that will create new value propositions by enhancing user skill sets through localized LLMs, moving beyond simple connectivity or digital service sales.

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CEO Brian Shepherd stated that CSG is becoming more bullish on AI's ability to accelerate profitability, expecting it to help reach the upper end of margin targets faster than previously thought. CFO Hai Tran addressed the second question, noting that while billing conversions are major decisions for clients, the trend towards digital simplification and SaaS-based technology is a business imperative that plays to CSG's strengths and is driving sales wins.

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CEO Brian Shepherd stated that while CSG feels no pressure to do a deal, it sees an active M&A market. Ideal targets are SaaS technology companies that accelerate CSG's core monetization and engagement strategy, or highly-accretive scale deals. Regarding his largest clients, he noted that the trend toward converged billing is a global phenomenon driven by competitive pressure to simplify operations and lower costs, and CSG aims to provide innovative solutions to support these efforts.

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CEO Brian Shepherd stated CSG focuses on practical AI applications like 'Bill Explainer.ai' to reduce customer churn and call center costs, rather than hype. CFO Hai Tran added that CSG leverages partners for AI tools and expects costs to decrease, driving internal automation and efficiency. Tran also confirmed the company has minimal direct exposure to U.S. government contracts and Shepherd affirmed no concerns about the 2025 revenue guidance related to these factors.

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CEO Brian Shepherd asserted that the company expects to operate within and progress through its new 18-20% adjusted operating margin range. He clarified that major customer contracts are not a drag on margins; rather, the profitability is a direct result of R&D investments that deliver significant value to these clients. He emphasized that CSG's product-based model is designed to reward innovation with both top-line and bottom-line growth.

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CEO Eric Yuan described Zoom's 'federated AI approach,' which combines its own proprietary models with integrations from partners like OpenAI and Anthropic. He explained that significant optimization work allows Zoom to offer the core AI Companion for free by balancing cost and value. He noted the paid custom AI Companion's cost is driven more by system integration than by the underlying AI models.

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CEO Eric Yuan stated that Zoom is taking a very responsible approach to AI and has seen extremely limited impact from regulation so far. He reiterated the company's core policy of not using any customer data to train its AI models, which builds trust and aligns with customer expectations. He noted that while the company monitors the rapidly evolving regulatory landscape, it has not affected their ability to deliver features like meeting summaries.

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CEO Balan Nair described Puerto Rico's macro environment as good, with rational competitors and a stable population. He noted that while declining FCC funds impacted past revenue, the business is not heavily dependent on subsidies now. He expressed confidence in a turnaround by fixing internal issues and leveraging strong network assets. Regarding politics, he stated they see no negative impact on the ground and that the local governor is a strong Trump supporter.

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CEO Balan Nair noted that with over 70% of business in U.S. dollars or pegged currencies, the company's exposure is limited, though he acknowledged potential risk from tariffs on imported equipment. CFO Christopher Noyes specified that the main floating currencies are in Jamaica and Costa Rica, which have been relatively stable. He also confirmed the company uses forward hedging strategies to manage currency mismatches where possible.

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CEO Balan Nair and executive Ray Collins responded, identifying Panama, Costa Rica, and Mexico as key data center opportunities. Ray Collins highlighted that their new subsea network is specifically designed to connect hyperscale data centers in Mexico to the US and Colombia. Regarding Venezuela, Balan Nair stated that while they monitor the situation and serve some customers there, they have no current plans to enter the market directly, though they remain opportunistic about dislocated markets like Venezuela and Argentina for the long term.

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CEO Stefano Domenicali described a long-term strategy of 365-day-a-year engagement to build a new revenue stream over time. CEO Derek Chang added that the goal is to build a complete ecosystem where social media engagement, while not always directly monetized, drives value by leading fans to other commercial touchpoints like merchandise, race attendance, or other F1 experiences.

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Formula One CEO Stefano Domenicali explained the strategy is to build a 365-day ecosystem, tailoring content to diverse consumer habits. Liberty Media CEO Derek Chang elaborated that not every touchpoint needs direct monetization. Social engagement acts as a top-of-funnel activity that drives fans toward other revenue streams like merchandise, race attendance, or influencing family and friends, thereby building the entire F1 universe.

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Executive Chairman Michael Fries explained that while Formula E is not trying to be Formula One, it is a 'rocket ship' focused on compelling racing and attracting a younger, diverse audience. On 5G, he reiterated that the primary monetization opportunity remains in the enterprise segment (network slicing, private networks), though the eventual move to standalone 5G could open more consumer possibilities over the long term.

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Executive Michael Fries responded that it is a possibility. He believes the structure positions both the NetCo and ServCo to be more competitive long-term. A more agile ServCo can focus on driving services, while the NetCo becomes a sophisticated connectivity provider. While not a guaranteed solution to capture more value from the ecosystem, he stated the model 'bends that way' and could help make the next decade different from the last for the industry.

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CEO Teresa Elder described a dual strategy: building FTTH in greenfield markets while enhancing the legacy HFC network. She confirmed the entire footprint is on DOCSIS 3.1, offering 1.2 gig speeds, and that the company is on a selective, targeted path to DOCSIS 4.0. Elder emphasized that capital allocation for network evolution is driven by a robust financial model to ensure competitiveness and the best return on investment across all markets.

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GCI CEO Ronald Duncan explained that Alaska's economy is often countercyclical due to its energy sector, which he sees having upside. He acknowledged Starlink will likely qualify for grants but believes fiber's capacity remains superior for large customers. Duncan also confirmed healthcare subsidies are material to results but stated the risk of significant changes from a pending Supreme Court case is low.

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Executive Derek Schiller explained their strategy is to maximize content accessibility on all platforms, including robust social and short-form content, to meet fans where they are and convert that engagement. On international efforts, he noted the team's large global following from the TBS superstation legacy and highlighted the upcoming All-Star Game as a key opportunity to showcase the Braves to a worldwide audience.

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Executive Derek Schiller explained their strategy is to maximize content accessibility across all platforms, including short-form content on social media, to meet fans where they are. On international development, he noted the team's large global following, a legacy of its superstation history, and highlighted the upcoming MLB All-Star Game in Atlanta as a key opportunity to showcase the brand to a worldwide audience.

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Executive Derek Schiller expressed frustration that sports betting is not yet legal in Georgia, reiterated the company's support for its legalization, and expressed hope for legislative action. On new media, Schiller acknowledged that the company is actively exploring opportunities in AR, AI, and other platforms to deliver unique content to fans, but stated they have no specific solutions or announcements at this time.

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Executive Derek Schiller expressed frustration that sports betting is not yet legal in Georgia and reiterated the company's support for its legalization. On new media, Schiller acknowledged that the Braves and MLB are exploring opportunities in AR, AI, and other technologies to create unique content for fans, but stated they have no specific solutions or announcements at this time and are still evaluating the landscape.

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